Dogecoin and CryptoCurrency subreddits have added a combined 232,697 subscribers last week, far outpacing the growth of all other communities.
It has been reported that with much of the market fixated on Bitcoin’s (BTC) sudden price correction over the weekend, retail interest in digital assets appears to be on the rise.
However, the r/dogecoin community added 145,859 weekly subscribers. The gains are hardly surprising, given Dogecoin’s dramatic rally over the past week. The meme-based cryptocurrency skyrocketed 400% during that period, bringing its yearly returns to an eye-watering 5,000%.
The report said that DOGE’s parabolic rally moderated over the weekend, with social media sentiment data from The TIE indicating more pain in the short term. That’s because price action is often correlated with social media engagement; a decline in the latter is sometimes a precursor to bearish price action in the near term.
Crypto interest on Reddit has gone through the roof! The r/Cryptocurrency and r/Dogecoin subreddits have added over 200K members in the last week as more people enter the digital currency space. https://t.co/wmV9CfZy1r — Cointelegraph (@Cointelegraph) April 19, 2021
In the meantime, the r/CryptoCurrency community, which is devoted to all things digital assets, added 86,838 new subscribers during the week. New community members were welcomed by platinum award recipient u/mirza1h on Sunday.
In a subreddit post, u/miraza1h said:
“Past week has been insane in the crypto world, so naturally things here weren’t like they normally are. Your curious posts/comments may have been ignored a bit. In the weekend things are a bit more chill, so feel free to ask us anything you want.”
Likewise, the user also introduced new subreddit followers to Moon, the native token of the r/CryptoCurrency community. Much like DOGE, the overall cryptocurrency market limped into Sunday’s session, having declined by a cumulative $386 billion.
Thus, the digital-asset market capitalization briefly fell below $1.9 trillion before recovering to around $2 trillion.